German ZEW Economic Sentiment Index jumps to 19.9 in February vs.17.5 expected
13.02.2024, 10:02

German ZEW Economic Sentiment Index jumps to 19.9 in February vs.17.5 expected

  • Germany’s ZEW Economic Sentiment Index climbs to 19.9 in February.
  • EUR/USD is trading listlessly below 1.0800 after mixed ZEW surveys.

The headline German ZEW Economic Sentiment Index improved further from 15.2 in January to 19.9 in February. The market expectation was for a 17.5 print.

However, the Current Situation Index dropped from -77.3 to -81.7 in the reported month, missing estimates of -79.0.

The Eurozone ZEW Economic Sentiment Index came in at 25.0 in the same period, as against the January reading of 22.7. The data missed expectations of 20.1.

Key points

The German economy is in a bad place.

Assessment of the current economic situation by the respondents has deteriorated to the lowest level since June 2020.

In contrast, economic expectations for Germany have improved again.

More than two-thirds of the respondents expect the ecb to make interest rate cuts over the next six months in light of falling inflation rates.

Almost three-quarters of respondents expect imminent interest rate cuts by the American central bank.

Market reaction

The EUR/USD pair is reverting to intraday highs near 1.0880 after mixed ZEW surveys, modestly flat on the day.

Euro price today

The table below shows the percentage change of Euro (EUR) against listed major currencies today. Euro was the strongest against the Swiss Franc.

  USD EUR GBP CAD AUD JPY NZD CHF
USD   -0.01% -0.26% -0.04% 0.16% 0.11% 0.41% 0.39%
EUR 0.01%   -0.27% -0.03% 0.18% 0.12% 0.43% 0.44%
GBP 0.27% 0.26%   0.23% 0.45% 0.38% 0.70% 0.67%
CAD 0.04% 0.03% -0.23%   0.19% 0.15% 0.44% 0.43%
AUD -0.16% -0.18% -0.45% -0.21%   -0.07% 0.25% 0.26%
JPY -0.11% -0.11% -0.38% -0.15% 0.08%   0.29% 0.29%
NZD -0.43% -0.44% -0.70% -0.47% -0.25% -0.32%   -0.02%
CHF -0.43% -0.44% -0.68% -0.44% -0.26% -0.30% -0.03%  

The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Euro from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent EUR (base)/JPY (quote).

 

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